PwC recently conducted a worldwide survey and concluded that a majority of top executives agree that artificial intelligence (AI) will have a huge impact on every aspect of business and offer unprecedented growth opportunities in nearly every sector. It is estimated that AI will cause global GDP gains to hit the $15.7 trillion mark by 2030.
The advent of social media, mobile computing and IOT technology has led to massive amount of data in a variety of formats being generated every second. Businesses need to exploit this data to boost revenue and have an edge on their competitors. However, here’s the catch – The rate at which this data is produced is significantly higher than the rate at which it can be analyzed. Secondly, there is a huge gap between the demand and availability of analysts, which causes the business expenditure go on the higher side. Thirdly, the insights generated from the data would be subject to human bias and error.
Does this mean going easy on those meticulously chalked out business objectives and ambitious plans? Certainly not! A single big data analytics platform that seamlessly integrates into your existing architecture can help you tackle all these problems. Fed with the domain knowledge and technical expertise of your best analysts, it can derive accurate and actionable insights from data on the fly, thus helping you tap current market opportunities to maximize profit. Automation of data analysis leaves ample time towards activities that involve strategic planning and decision making. With its AI-based business intelligence solution PHRAZOR, vPhrase is helping firms automate data analysis and generate insights from data within seconds.
There is more to AI apart from data analysis. Natural Language Generation (NLG), a subset of AI is not only helping organizations robotize the tedious task of documentation but also generate narratives in conversational language that the client would understand. As clients feel valued and more involved with the firm, their satisfaction increases – which in turn is good for the business. By automating report generation, organizational productivity goes up by several notches. PHRAZOR, that serves both as a predictive analytics and natural language generation tool, is being used by Kotak Wealth, MasterTrust and Motilal Oswal for client investment portfolio analysis and reporting. It also provides recommendations and options for direct execution.
In a recent interview with the Wall Street Journal, the principal of Deloitte Consulting LLP stated that deploying NLG across the organization for business unit reporting led to a significant increase in efficiency of the firm. The process that required eight analysts earlier needed only one after the adoption of an NLG solution, allowing them to redeploy seven analysts to higher-value activities.
AI is being embraced by firms that dare to be tougher in face of growing challenges and aim to do intelligent business. Watch this space for more!
Romil Shah is an AI enthusiast with considerable experience across varied technology domains, primarily Natural Language Generation (NLG), and Blockchain technology. He is passionate about technological innovation and more importantly its real-world applications. His work within the field has brought about constructive conversations and explorations around AI and its extended use in businesses.